- Meredith (MDP +0.4%) receives regulatory approvals from the federal communications commission for its pending acquisition transactions by Gray Television (NYSE:GTN) and InterActiveCorp.'s (NASDAQ:IAC) DotDash.
- The transaction first relates to Gray's acquisition of Meredith's Local Media Group, which will result in removing the only market overlap between Gray and Meredith's respective television station portfolios.
- Meredith says it will now seek the transaction's approval at November 30, 2021 in a shareholder meeting. On success of which, Gray will become the largest owner and operator of CBS affiliates (reaching 55 markets covering 18% of U.S. households).
- Just prior to the Gray acquisition, Meredith will spin-off its holding entity of National Media Group which IAC's DotDash has agreed to acquire at $42.18 per share.
- The combined company, headed by DotDash CEO Neil Vogel, will be named DotDash Meredith and is expected to be one of the largest publishing companies in the world.
- It will contain Meredith's digital, magazine, MNI, PEOPLE TV, and corporate operations.
- Closing of both these transaction is expected on December 1, 2021.
- Earlier, Meredith FQ1 EPS beats by $0.18, beats on revenue